05:54 PM EDT, 05/27/2025 (MT Newswires) -- Brooge Energy ( BROG ) said late Tuesday it entered into an agreement to sell two subsidiaries to Gulf Navigation Holding PJSC for about $884 million, including $125.3 million in cash.

Brooge said Gulf Navigation will also issue shares and mandatory convertible bonds for the acquisition of Brooge Petroleum and Gas Investments Company FZE and Brooge Petroleum and Gas Investment Company Phase III FZE.

The companies will endeavor to complete the transaction as soon as practicable, it said. Following completion, each party would have a pro-rata representation on the Gulf Navigation board.

Shares were up about 85% in after-hours trading.